Wednesday, February 21 , 2018, 10:38 am | Fair 58º

 
 
 
 

Business

Community Bank of Santa Maria Reports 20% Rise in Net Earnings

Steady growth continues at Community Bank of Santa Maria, with net earnings up 20.22 percent.

The bank’s third-quarter earnings were recently released by Jim Glines, chief executive officer, and Janet Silveria, president and chief operating officer.

Net earnings were $674,736 for the quarter ended Sept. 30, compared with $561,246 at Sept. 30, 2013.

The two executive officers were pleased with the bank’s performance, especially the increase in net profits, and said it was a clean operation with no regulatory issues. On Sept. 30, the bank had no loans that were more than 30 days past due, no loans on non accrual, and nothing in their "Real Estate Owned" portfolio.

Other important numbers were also impressive for Community Bank of Santa Maria. Growth in total deposits was up 6.43 percent when comparing the bank’s total deposits of $167,969,084 at Sept. 30, 2013, to total deposits of $178,767,608 reported at Sept. 30, 2014. Total loans for the quarter ended Sept. 30, 2013, were $ 105,194,518 which represents an 11.8 percent increase to the $117,235,364 reported at Sept. 30, 2014. Likewise, total assets of the bank at Sept. 30, 2013, were $187,602,459 and reflected a 6.37 percent increase to $199,549,585 at Sept. 30, 2014.

Glines thanked the loyal customers of the bank.

“They support our style of banking and see that the bank is increasing its asset base and its earnings as the economy continues to show sustained recovery,” he said, and emphasized that the bank has money to loan. “Every decision is made at a local level. No 800 numbers in this bank. Come in and talk to a decision maker.”

Community Bank of Santa Maria opened for business on March 1, 2001, and presently has three branch locations: South Broadway, Oak Knolls and Lompoc Community Bank, a division of Community Bank of Santa Maria.

— D.C. Carter is a publicist representing Community Bank of Santa Maria.

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